Renewable Energy Alert

    View Author August 2009

    On July 31, 2009 the US Department of the Treasury opened the online application process for renewable energy property grants under Section 1603 of the American Recovery and Reinvestment Act of 2009 (ARRA). In addition to providing a link to the online application, Treasury released on its website supplemental grant materials including the form of accountant certification for certain high-cost projects and information and forms regarding the assignment of grant payments to financial institutions.

    Energy property placed in service in 2009 or 2010 qualifies for a cash grant from the US Department of the Treasury for up to 30 percent of eligible costs in lieu of energy credits that would otherwise be available. There is generally no cap on the amount of the grant that can be received with respect to a qualifying facility and no national or state-by-state cap on the grant program. Facilities that are under construction at the end of 2010 (but not placed in service) can also qualify for a grant if they are placed in service by specific dates between 2012 and 2016 based on the type of property.